Meta Platforms Incorporated has said it will introduce a new feature on Instagram to enable Nigerian creators to monetise their content.
This was revealed during a meeting with President Bola Tinubu at the State House in Abuja, on Thursday. Sir Nick Clegg, former UK deputy prime minister and Meta’s president of Global Affairs, disclosed that by June 2024, Instagram will launch a feature allowing local creators to make money from their video content on the app.
While he did not expand further, BusinessDay explored Instagram’s payout page to understand how the monietisation programme when it starts. Only businesses and creator accounts are eligible for payouts, a feature not yet available in Nigeria.
Instagram creators can receive payouts of their earnings from the following monetisation tools on the app: badges, bonuses, branded content, gifts, and subscriptions, according to information on the platform’s payouts page.
1. Badges let creators earn money when they go Live. “Added Instagram badges let you earn money when you go live. Badges will appear next to a person’s Instagram username throughout the live video. Supporters who have purchased badges in Live will stand out in the comments and unlock additional features…” Instagram said.
2. Bonuses: Creators can earn money directly from Instagram through bonuses. “If you qualify to earn a bonus, you’ll be notified in the Instagram app to set up and enable bonus payouts,” the firm stated.
3. Branded content: Instagram’s creator marketplace helps creators connect with brands and partner on branded content and partnership ads.
4. Gifts: This feature allows creators to earn money from their audience. Followers and non-followers can show appreciation for creators by sending virtual gifts on their reels. Viewers can purchase stars and use them to send creator gifts on Instagram.
5. Subscriptions: This feature allows creators to create exclusive content and provide benefits for their most engaged followers at a set monthly price.
Also, to be eligible for payout, a creator must meet Instagram’s partner monetisation and content monetisation policies and have a payout account to receive payment. Creators will only be paid when they earn at least $100, and this payment will be released on the 21st of every month for earnings in the previous month.
During the meeting with the president, Sir Clegg added, “We have a lot to do with Nigeria to deepen partnerships.”
While addressing the visiting delegation, President Bola Tinubu said, “What interests me is the use of technology in the development of small businesses.”
Dr ‘Bosun Tijani, minister of Communications, Innovation and Digital Economy, added, “We must continue to engage to create opportunities for our people so they can also share in global prosperity.”
